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Can the experts here give me some pointers?
I have an EA HDB currently bought abt $325K 5 yrs ago. Now, the resale price is hovering above $500k. I do not have much cash on hand. If I plan to upgrade to a resale condo, say $750K, how much cash upfront do I need to pay for the condo? Can I use CPF as a form of downpayment? Also, for monthly instalments, can I use CPF to repay the bank mortgage monthly?
Thanks in advance for any advice!
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1 Answer

Dennis Chee
Replied
Hi Mightyleftfoot,

I have handled alot of situations similar to yours. Based on what you have described let me attend to your queries.

1) For a $750K condo based on a 80% loan, you will need:
a) 1% option fee which is $7500 in cash
b) 4% option exercise fee which is in $30000 cash
c) Remaining 15% of $112500 from CPF or cash
Please note that only the 15% can be used from the CPF for the downpayment part. If the is any shortage of funds from the CPF or cash portion, you can actually take a bridging loan from the bank provided that you have already sold you HDB EA unit

2) Please do note that for monthly installments, you could use your CPF to do the repayment.

Please do call me up at 94385701  or even arrange a non obligation meet-up so that i can explain your situation in finer details to you. Thank you.

Best Regards
Dennis ERA
Marketing Director Read More
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